Glossary of insurance terms pdf file

This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Agent the insurance company representative who sells policies on behalf of the insurer. Best a company that rates the financial condition of insurance companies. Adjudication the final determination of the issues involving settlement of an insurance claim. A tax deduction taken by taxpayers who suffered the loss or damage of property during a federally declared disaster.

Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. If your insurance company or independent agent is throwing complicated insurance terms your way, use this insurance glossary to make better sense of it all. Consumer glossary national association of insurance. Download glossary as pdf file the glossary provides definitions of the main terms used by iais working parties in their work.

An event or occurrence which is unforeseen and unintended. Not all concepts or coverages identified in this list are found at chapman university. Your insurance companys rating helps you determine if they can afford to pay claims. Words associated with surety and bonds and title insurance are listed separately at the end of this list.

Community rating a way of pricing insurance, where every policyholder pays the same premium, regardless of health status, age or other factors. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Moving funds from one individual retirement account to another. Glossary of insurance terms additional insured a person or organization not automatically included as an insured under an insurance policy that is included or added as an insured under the policy at the request of the named insured. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. Glossary of insurance and medical billing terms a accept assignment provider has agreed to accept the insurance company allowed amount as full payment for the covered services. Claims made a method of providing liability insurance in which the insurer agrees to cover all claims asserted against the insured during a specified date period regardless of when the claim occurred. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Below are definitions for some of the more commonly used terms and how. The insurance business encompasses a daunting array of industry jargon. Liability for damages even though fault or negligence cannot be proven. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Insurance terms used in the area of residential title insurance. If the term warrants it, there will be an extended definition on a separate page.

Nicb training downloads national insurance crime bureau. Glossary of insurance terms pdf file iso claimsearch access form pdf file metal theft overview pdf file scene indicators for law enforcement pdf file suspicious hit while parked pdf file. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Glossary of commercial insurance terms commercial insurance is divided into two main categories. A claimant is a person making a claim for unemployment insurance benefits under any state or federal unemployment compensation program. The insurer is required to renew the policy regardless of the health of the insured subject to policy conditions.

Glossary of risk management terms this is a comprehensive list of insurance terms. The terms of this act require an insurance company to obtain prior written consent from an individual before approaching any medical practitioner for a medical report pertaining to them. The insurance contracts act allows an insurer to avoid. Thank you for choosing to learn more about residential title insurance. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Below is a glossary of insurance terms for your convenience. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. We have attempted to include the major terms and abbreviations used when discussing taxation issues. Glossary to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorneys fee, and prepaid items, such as escrow deposits for taxes and insurance. These often take the form of glossaries, or lists of specialized terms relating to a special subject in this case, insurance with accompanying definitions. The purpose of the glossary is to acquaint the reader with easytounderstand definitions of workers compensation terms. Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. In an effort to keep the definitions simple, many of the terms in this glossary have been defined in greater.

The purpose of this glossary is to promote familiarity with this terminology for those who do not work with tax issues every day. A complaint that you communicate to your health insurer or plan. The disclosures are part of your policy or evidence of coverage. Convertible term insurance policy an insurance policy that can be converted into permanent insurance without a medical assessment.

Dictionary of insurance terms a absolute liability. Acronyms and abbreviations found in the acronyms and abbreviations section of this manual are defined in this glossary. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a 12month period with premiums earned for the same period. Glossary of health insurance terms december 12, 2008 prior insurance must have provided a minimum level of coverage. Insurance definitions, dictionary, glossary and terms. Comprehensive loss underwriting exchange clue report.

Both men served on operating commit tees of the commission on insurance terminology cit, which worked to develop more precise insurance definitions during 19581971, and both sought to continue the efforts of the commission. All are extremely important but on this first page, we have tried to explain in plain english what the most important and common terms mean. The term property insurance includes many lines of available insurance. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Replacement cost the cost to repair or replace an insured item.

A person responsible for investigating and settling a claim. Bodily injury bodily harm, sickness, or disease, including resulting death. Department of health and human services hhs dependent coverage. No insurance website could be complete without offering and index of insurance terms and definitions.

These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. To help you better understand health insurance, heres a list of the. Health care services that your health insurance or plan doesnt pay for or cover. It can also be used as a training and educational tool for regulators. Health insurance is full of terms you may not know. An independent agent represents more than one company. The formal request by a policy holder or claimant to be paid under the terms of the insurance policy. A tax paid directly to the federal government, or to state or local governments, such as income tax and property tax.

The date on which the sale of a property is to be finalized and a loan transaction completed. In the united states, this level is determined by the department of health and human services. This coverage is subject to the terms, limits and conditions. The form people fill out that helps ndia identify if a person is eligible to become a participant. The individual has certain other rights including the right subject to some restrictions to see. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. Glossary of health insurance terms blue cross and blue. The original glossary of insurance terms was compiled by john s. Bonds of various types guarantee a payment or a reimbursement for financial losses resulting from dishonesty, failure to perform and other acts. We provide quick answers and easytounderstand auto and homeowners definitions written with you in mind. However, a claim may be paid if the school employee also has sufficient wages from non. Insurance glossary understanding common insurance terms. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Declaration part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums, and supplemental information.

To help you better understand health insurance, heres a list of the most commonly used health care terms and definitions. The following glossary of common terms related to automobile insurance may give you a better idea of what is being said. Pulmonary hypertension association 801 roeder road, ste. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Either a specified dollar amount, a percentage of the claim amount, or a. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Glossary of risk management terms this is a comprehensive. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Learn insurance industry words and phrases that can help you better understand the language used in insurance policies. Health care services that help a person keep, learn or. This page provides an index of insurance terms and. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. The federal poverty level fpl is the set minimum amount of.

Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Liability arising from extremely dangerous operations. Combined wage claim a combined wage claim is a claim based on employment and earnings from two or more states. Glossary of insurance terms pdf file iso claimsearch access form pdf file metal theft overview pdf file scene indicators for law enforcement pdf file. Durable medical equipment dme early and periodic screening, diagnostic, and treatment services epsdt eligibility assessment. Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network.

The glossary of terms is a list of terms directly or indirectly related to the practice of case management compiled by members of ccmcs exam and research committee erc and based on published literature related to case management. Insurance terms glossary understanding common insurance terms. Glossary of insurance terms this list is not meant to be all inclusive, but should help with your understanding some insurance terms used in our website. Glossary international association of insurance supervisors. Health insurance glossary texas department of insurance. Between academic school terms benefits may not be paid to a school employee between school terms based on the wages earned from an educational institution and all school wages will be restricted from use on the claim. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance data.

The hartford s glossary of terms can help you better understand auto and homeowners insurance terminology as you research the right coverage for you. An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant. Claimant a claimant is a person making a claim for unemployment insurance benefits under any state or federal unemployment compensation program. You can ask an insurance company or health maintenance organization for a copy of a plans disclosures before buying the plan. The largest amount of insurance or reinsurance available from a company on a given risk. Deductible the amount of loss paid by the policyholder. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Bond a security that obligates the issuer to pay interest at specified intervals and to repay the principal amount of the loan at maturity. This glossary of insurance terms will help you understand whats covered, whats not covered, and what your insurance company is really saying in its policy.